The surprise success of a Chinese AI startup is hammering U.S. tech stocks. That includes Nvidia, the California chip behemoth that has added nearly $3 trillion in market capitalization over the past three years.
On Monday, Jensen Huang’s company had shed roughly $600 billion in market cap while its stock dropped 17% as part of a broader rout of the tech sector. DeepSeek’s shocking success has undermined the perceived dominance of U.S. firms in emerging AI technology, a centerpiece of the broader bull case for stocks in 2025. The tech-laden Nasdaq Composite sank more than 3%.
